Impact of Economic, Social, And Environmental Factors on Electric Vehicle Adoption: A Review

Abstract

Electric vehicles (EVs) represent a transformative innovation in the automotive industry, offering a promising solution to environmental challenges. This paper examines the complex interplay of economic, social, and environmental factors that influence consumers' decisions to adopt EVs. Economic factors, such as initial purchase price and operating costs, play a crucial role in adoption. Research suggests that as EV prices become more competitive and operational expenses decline, adoption rates will accelerate. Social factors, including peer influence and perceptions of EV performance, reliability, and convenience, also shape consumer attitudes and preferences. Environmental considerations, including the imperative to mitigate greenhouse gas emissions and reduce air pollution, drive the adoption of EVs. This review synthesizes existing literature on the impact of economic, social, and environmental factors on EV adoption, providing valuable insights for policymakers, industry stakeholders, and researchers. By elucidating the complex dynamics that influence consumer behavior, this study contributes to the ongoing discourse on sustainable mobility and the transition towards a greener transportation ecosystem.